Nipro Corporation, a Japanese medical equipment manufacturer, is set to invest Tk 182.15 crore in JMI Syringes to become its strategic partner.
JMI will use the proceeds to expand operations, repay bank loans and as working capital.
The listed medical equipment manufacturer will issue 1.11 crore shares to Nipro through private offer at Tk 164.10 per share with a premium of Tk 154.10, according to a notification on the website of the Dhaka Stock Exchange yesterday.
The Bangladesh Securities and Exchange Commission approved JMI’s proposal of raising paid-up capital subject to some conditions.
The shares to be issued to Nipro will have a lock-in period for five years from the date of issuance. The sponsors and current directors of the company will not be able to sell their shares in the next five years from the date of the issuance of the consent letter.
The knowledge and technology transfer from the Osaka-based multinational company will enhance the quality and business potential of JMI, the notification said.
JMI’s share rose 2.97 percent to Tk 371 on the DSE yesterday.